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TAMPA, FL – If you’re thinking about taking out a home improvement loan, there are several options to consider. First and foremost, your mortgage consultant needs to know why you want a home improvement loan. Here are some factors to take into consideration.
• How long have you been in the home?
• Will the improvements increase the property value?
• Are you making improvements to increase energy efficiency?
• Will improvements be made in one fell swoop, or in stages?
• What is the current outstanding balance on your mortgage?
• What is the appraised value of the home?
• How much will the improvements cost?
• What improvements will be tax deductible?
• Do you have other revolving debt that you would like to pay off at the same time?
• Are you making improvements because you plan to sell the property?
The New Tract Home Blues
Buyers of newly-built homes are often tapped out after making the initial down payment and closing costs, including upgrades to amenities and the inevitable need for new furniture. Shortly thereafter, they realize they’d like to make additional improvements to really have the home of their dreams.
If you’re planning on putting down roots (pardon the pun), landscaping may be in order. The developer may have been kind enough to make the front yard a perky green, but if the back yard is a disturbing brown color sparse with weeds, you may be entertaining the vision of a pool or deck.
Look into the option of a Home Improvement Loan with a fixed interest rate as a 2nd Trust Deed. This type of loan does not require you to have equity built up in the existing mortgage. The maximum loan amount could go as high as 125% of the current appraised value of the home, and you can make the improvements yourself or go the extra mile and hire a contractor if the job requires architectural design, permits and inspections.
The Major Overhaul
If you have built up equity in your home and are geared up for some major renovation, the Home Equity Line of Credit (HELOC) is probably your best bet. This adjustable loan allows you to use your equity as a line of credit, so if you have improvements that are phased in over time you can simply write a check when you need to pay a bill.
It’s like a having a credit card with a much lower financing rate. In fact, the HELOC can be used for any reason at all – even paying off that credit card debt. In most cases, this action turns that revolving debt payment into a tax deductible payment with a lower interest rate. The HELOC is generally a 2nd Trust Deed, unless it is used to pay off and replace the 1st Trust Deed.
A construction loan is an alternative to the HELOC for borrowers who don’t want to use or don’t have equity, and this type of financing can be used for construction on an existing dwelling. The lender will ask a lot more questions about what the borrower wants to do with the money, and the home owner will need architectural designs, permits and a licensed general contractor on board.
Construction loans are short-term loans that usually require interest-only payments until completion of construction, but the balance is due when construction is done. Most often, that is managed up front by setting up construction-to-perm financing. In this scenario, the loan is automatically rolled over into permanent financing at a fixed rate when construction is complete, and a rate-lock agreement can be purchased to carry the borrower through that period of construction.
Another option – depending on the value of your home and local loan amount limitations – is the FHA 203(k) Program. This financing is designed for the purchase or refinance and rehabilitation of properties that meet FHA guidelines. This is worth looking into if you need to bring a property up to compliance standards, finance eligible energy efficient improvements, or turn a single-family owner occupied dwelling into a duplex to accommodate Mom or Dad!
Just a Facelift, Please!
If you want to sell your home and you simply want to improve the curb appeal, it makes sense to go with a HELOC. Make sure you are aware of the current market value of homes in your area to make sure you’re not going over the limit on the fair market value of your home. You’ll want to get a return on your investment!
If you’ve had your home on the market too long and have not been able to sell, you might want to make some changes to give it a fresh new look and bring back the passion you once had for your home. Your mortgage consultant will help you weigh out your options for financing based on your outstanding mortgage balance, income and credit score.
Regardless of your reason for home improvement, make sure you share your goals with your mortgage consultant. He or she can walk you through the various loan options and confer with your tax advisor to make sure you’re getting the best deal possible.
Saturday, June 30, 2007
Home Improvements Turn Average Homes into Dreams Come True
How to Pay for Your Home Improvement
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You want to add a deck to your home to enjoy your evenings outside with your family and friends. You have cash sitting in your bank or you have a few credit cards that you can tap into to finance your home improvement. What is the best option? Should you get a Home Equity Line of Credit? Making the right decision is based on knowing various pros and cons of different ways to finance your project and your current situation. Even if you have cash sitting in the bank, it may not always be the best option.
If you have cash at hand, it should be earning at least 5% in a savings account. If you are not earning 5% from your bank, dump them and go to a bank that will give you at least 5% on your money. Search the Internet and you will be able to find a few online savings accounts, offered by well known banks like Citibank, Emigrant bank or HSBC that will give you a 5% return on your deposit.
If your credit is good and the project is small, search for a credit card that will give you 0% interest rate for a year. Apply online and get approved instantly. Within a couple of weeks, you will get your card and you will be able to use it for your home improvement project. You can use the same technique for store credit cards, Master Card or Visa. When you get a loan on 0% interest rate, make sure that you don't miss a payment. To avoid missing a payment, use online payments offered by many banks for free or the online payment option of the credit card company. Using an online payment, setup a scheduled payment plan for the monthly payment to the credit card. If you miss a payment, your credit card company will withdraw your 0% rate and may even impose a high rate on the remaining balance. So it is very important that you don't miss a single payment. Be aware that when you use a credit card to finance your home improvement project, you cannot claim any tax deductions on the interest you pay. Hence, it is extremely important that you retain your 0% interest rate till you pay off the loan.
If your home improvement project is a large one and you want to do it in stages, HELOC, or Home Equity Line of Credit, is a good option. Search the Internet to get the best rate. Find a bank that not only offers the best rate but also waives the finance charges. When you take a HELOC loan, you are essentially putting your home as collateral and the interest you pay may be tax deducible.
Refinancing your home is a good choice if you have a large equity in your home or you want to reduce your existing mortgage rate. Also, if your home improvement project will add substantial equity to you home, refinancing is an attractive option. You will also get tax benefits on the interest you pay.
Obtaining a second mortgage to finance your home improvement project makes sense if you get a low fixed interest rate and the interest rate on your first mortgage is even lower than the second mortgage. A second mortgage involves less paper works than a full refinancing.
Are you thinking about getting your money from your company's 401 (K) plan? Forget it. Don't use your 401 (K) plan money for your home improvement. A 401 (K) plan is for your retirement not for your home improvement projects. If you are not old enough (59.5 years or more) to take a distribution, you will have to pay tax and 10% penalty for any withdrawal from your 401 (K) plan. Borrowing against your 401 (K) savings is also not a wise choice because 1) you have to pay it back with the above average interest rate 2) money borrowed from your 401 (K) plan will not earn anything in your 401 (K) plan till you pay it back completely. On top of that, if you are laid off you will be hit with the tax and a 10% penalty unless you pay the remaining balance in one lump sum.
Don't make a decision on haste. Weigh the pros and cons of various methods discussed above and your current situation. Find the best way to finance your home improvement project using other people's money and without hitting your pocket book hard.
Repainting Your Ceiling As Part Of A Home Improvement Project
by: Thorough preparation is the key to any home improvement project. If you intend to repaint your ceiling you will need to gather together your tools and materials; ladders, sponges, brushes, paint, thinners, possibly plaster or filler if you have cracks, sealant, masking tape roller, tray, sandpaper and so on.
Before beginning painting you will need to remove any fixtures such as fans and light fittings. You will also need to repair any defects in the ceiling such as cracks, holes, dents or lumps. The ceiling is always a tricky job as it involves constantly reaching above your head and moving your ladders to reach the right place. The light often makes it difficult to see cracks and defects from up on the ladder, which are perfectly visible from the ground.
If the old paint is peeling it will be worth totally removing it before you start to repaint. When you start painting wear old clothes and ensure the floor and any furniture is well covered. You really can’t avoid some plaint splashes. Wear long sleeves and goggles when using paint and thinners on the ceiling to protect your skin and eyes. Make sure each coat is totally dry before you start the next. It is easier to miss patches on the ceiling than on a wall so you may need an extra coat for even coverage.
When choosing your paint keep in mind that glossy sheen paints are easiest to keep clean and sheen paints are the most durable. These are generally considered most suitable for hallways and bedrooms, but work equally well on ceilings. Flat eggshell paints work well on ceilings but are harder to clean so if you smoke or cook in the room you are painting this might not be appropriate.
Satin paints are semi-glossy paints that are most suited to kitchens, bedrooms and bathrooms and give a more cheerful effect than dull matt finishes. Hues, tints and shades can often give a softer appearance to your ceiling and complement your wallpaper or cabinetry, but you should not exclude brilliant white which will give a very clean bright effect and make your ceiling appear higher.
If painting the ceiling in your bathroom or kitchen, you may want to consider a specially designed paint that will not easily be damaged by steam and will resist the mould that can build up if the ventilation in these rooms does not allow quick drying.
DIY Home Improvements
by: Arbitron, a major media service, uncovered who's really doing, "Do it yourself, home improvements".
An average of 49 percent of the adult population in 75 cities throughout the country made a home improvement of some kind, in the past 12 months, as reported in a new study by Scarborough Research. The results show that people who live in smaller areas are more inclined to do their own home improvements in comparison to those who live in larger big-city, areas.
In cities like Harrisburg, Pennsylvania, who came in at number one, Buffalo, New York and Toledo, Ohio, it's reported that over half of their population has begun a home improvement project in the past 12 months.
55 Percent or more of the population in the cities of Atlanta, Rochester, Indianapolis, Detroit and Cincinnati have either started or finished a home improvement project, landing them in the top 10, of all the areas reported.
Ranking lowest, Honolulu, Hawaii was reported to have only 37 percent of it's population doing their own home improvements in the last 12 months, making Honolulu number 75 out of all cities accounted for. In bigger cities like Fresno, Las Vegas, Los Angeles, San Diego, New York, Chicago, San Francisco, Miami and Washington DC, it was reported their population as doing less than the average number of repairs to their homes with percentages in ranging from 40 to 48.
With all the home improvement happening by do it yourselfers in smaller communities, it would appear that this is the arena in which companies offering materials and services geared toward home improvement, would do the majority of their advertising.
Among the above findings, it was also reported that do it yourselfers were more apt to paint or wallpaper their interiors or try their hand at landscaping, with a telling twenty-five percent of all surveyed. A small percentage (two) were said to install their own home security systems, while a mere one percent add a pool or spa.
Studies show, since 1999, people have dished out 30 percent more money to improve the overall look of their homes. The average cost of today’s home improvement is over $3,000! If history repeats itself, that number will likely continue to climb.
A resounding 46 percent of all do it yourselfers were between the ages of 35 and 54, and 63 percent are married with 55 percent having a total household income of over $50,000.
But there's more to this story! The Scarborough Research study also uncovered the following interesting facts.
People who use the internet will likely turn to do it yourself home improvement, as opposed to those who do not. And note-worthy enough of those internet users, the ones who search out financial services, vehicle information and frequent auction sites are even more apt to do their own home improvement!
Music lovers of classic, country and 70's along with sports radio fans are 14 percent more likely than the average to do home improvements too! The breakdown for do it yourself home improvements, go like this:
Of those fifty three percent who remodeled their own kitchens, just four percent broke down and paid for the work to be done. Ranking high among what most home improvement do it yourselfers are doing, include painting and wallpapering, remodeling bathrooms and landscaping. Projects that do it yourselfers would rather pay to have done include the installation of home security systems, carpeting or flooring and heating or air conditioning.
Tips on Saving Money During Home Improvement Projects
by: Tips on Saving Money During Home Improvement Projects
John and Marylyn finally had enough money to buy a new home. It wasnt built from scratch but rather belonged to a family who lived in it for 40 years.
The foundation was still strong and the pipes were in good condition. Some retouches the couple said and this place will be good as new.
Many people think that it will cost a fortune to do a makeover on homes. This isnt true because there are ways to save money and still achieve the intended objective for those who will be living in the household.
Here are a few tips from those who can save money on home improvement projects.
The first will be to go around the house and see which areas need a makeover. Each of these places should be checked for cracks or leaks that may have accumulated through the years given that it has stood for a number of years.
Next, will be to get the advise of a friend who is an interior designer who can give some advice on how to make this happen. The expert might say this has to be torn down and replaced. These are all good ideas and this will all boil down to how much it will cost to finish the entire project.
If the quote is too expensive, perhaps asking friends and family who know other contractors who can do the job for less the price can be called in. These professionals can also be hired at an affordable price during lean months when there is not that much work going on in the neighborhood.
Those who are very hands on can replace the old shelves and cabinets by buying pre-assembled versions that are available from the hardware or furniture store. These are easy to install and can be screwed or set against the wall.
Another thing hands on people can do is repainting the ceiling or walls in the home. All the person has to do is buy some paint and plan when this will be done. The task can be done weekly so that one area of the house is finished before moving on to the next.
Home improvement is something that can be done at anytime that those in the household think it is proper. Going over the costs and knowing when this will be done can save the homeowner a few hundred dollars for other expenses.
More Home Improvement Projects That Sell!
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More Home Improvement Projects That Sell!
Do you want to fix up your home? Maybe you want to increase the comfort, or maybe the value and sale ability? A simple home improvement project can be an easy way to increase the appeal of your home. There are some easy ways to improve and increase the value of your home. The do-it-yourself homeowner who enjoys home improvement projects can do these projects. A home improvement project does not have to take a lot of time or money in order to bring great benefit – increase the comfort and value of your home.
Home Improvement Project – Kitchen
Simply paint the kitchen cabinets. A very simple kitchen home improvement project that most anyone can do is to repaint the cabinets. A dull, lifeless kitchen can easily be brought back to life by a new coat of paint on the cabinets. Select a bright, crisp color and a new coat of paint on the cabinets will change the look of any kitchen. With the sharpness of the new paint, the kitchen will appear and feel larger. It will look clean and fresh.
Also, consider changing the cabinet hardware. This is a finishing touch that will complete the cabinet improvement. Cabinet hardware can become dull and worn over a long life of use. This simple change alone will dramatically improve the look of your kitchen.
Home Improvement Project – Flooring
Old, worn carpet is thin, hard and makes a home look dirty and dungy. Replace old carpet with new in your next home improvement project. New carpet adds a soft touch. It looks good and insulates to some extent. If you have a limited budget, purchase good carpet padding and an inexpensive carpet. The result will be a thick expensive feel.
Home Improvement Project – Light Fixtures
Change light fixtures in your home. A simple home improvement project that anyone can do is change light fixtures. Start with the most out of date fixtures, maybe the kitchen or bathroom fixtures. With age brass fixtures dull and globes become dirty, drab and cloudy. Replace these fixtures and notice the warmth and freshness that is added to your room.
Home Improvement Project – New Faucets
Old faucets dull and wear with age. Replacing faucets will give the sink a fresh new appearance.
This home improvement project is much simpler than you might think. A plumber can install the new faucets for you can do it yourself. Visit your local hardware store for plumbing supplies and easy installation instructions.
Home Improvement Project – Painting
A fresh coat of paint is a simple home improvement project that will give your home a new clean look. Paint the exterior and the interior of your home. The exterior appeal will look inviting to visitors and the fresh new interior will make them glad they entered. This is a relatively inexpensive, simple home improvement project that you can do or you can hire a painting contractor.
Home Improvement Project – Driveway
A very simple home improvement project that will add a new look to the exterior of your home is to pressure wash the concrete driveway. Over the course of a short season, a concrete driveway will get dirty and grungy. Simply rent a pressure washer and wash the driveway. The process is not hard but it is a slow process. Be patient, it is worth it. The concrete will look like new.
Home Improvement Project – Landscape
Many homeowners enjoy working in the yard and you can too. Mow the grass, trim the shrubs, plant flowers, get out into the sunshine and enjoy yourself. Landscaping does not have to be hard or complicated; just make your yard clean, green and neat. Add a little color and you have a wonderful curb appeal that will catch the eye of any potential buyer.
If you need help with a landscape plan or what you should do, ask a local nursery to come and make some suggestions. For a small fee, a landscape consultant can provide you with a landscape plan that you can implement.
Believe me. The hardest part of any home improvement project is getting started. However, the results are worth it. Improve the comfort and value of your home with one of these home improvement projects.
Home Improvement Loans
by: The best way to increase the value of your home is to make improvements. If you are like most people, this is nearly impossible to do without the help of a home improvement loan. These loans are tax deductable for home-owners seeking to make improvements on their primary residence, not rental properties or vacation homes. A home improvement loan can be used to a variety of upgrades and renovations including, but not limited to, remodeling a kitchen or bathroom, installing a swimming pool or even re-carpeting your home.
Home improvement loans must be secured by collateral, this is equity built up in the home. Because these types of loans are less risky to company, they are typically offered at a lower interest rate. To be considered for a home improvement loan, you must own the home, or be in good standing with your mortgage payments.
There are two kinds of home improvement loans available to choose from. Those loans are, FHA Title I Home Improvement Loans and the Traditional Home Improvement Loans. Either one can be used for new construction, remodeling or upgrading things in your home like a garage, new roof, swimming pool or new bathroom and kitchen, among many other projects.
You must have equity in the home you intend to improve, if you are considering a Traditional Home Improvement Loan, generally about 20% of the home's cost. The equity you've already built and that gained by the improvements of the home are to be the collateral. The company that provides the loan is called a lender. When using a home improvement loan, the lender will take out a first or second lein or mortgage against the home.
Though the majority of home improvement loans are for terms or 10 years or less, there are programs and lenders available that will extend the term to 15 years. That is largely dependant on how much you intend to borrow. The difference between a Traditional Home Improvement Loan and a FHA Title I Home Improvement Loan, is that the latter is a Government program.
You may use the FHA loan for necessary repairs and maintenance to the home. Luxury upgrades are not allowed. This may be the way to go for many as equity in the home is not required for this type of loan and past credit issues are often not a problem. The repayment for the FHA Title I loan can be as long as a 20 year term, as long as the home-owner has kept their credit in good standing, recently.
If your home loan is under $7,500, there is no lein placed on the title of the home, making it possible for more home-owners to make improvements on their home, while being tax deductible at the same time.
Whether you've decided to purchase your first home, or your still in the researching phase, check to see if your state or local community has programs available for first time home buyers. Many of these programs will offer you step-by-step assistance in finding realator, a home and the loan that best suits your needs. They are an invaluable resource.
Programs for first time home buyers should have a proven track record. Look to see that they have been in business for a reasonable amount of time. Check with your local financial institutions for a list of mortgatge companies that are considered reputable.
Next, be sure you meet the criteria to take part in the program you've chosen. Remember, there are many to choose from and the best are those geared toward assisting low to medium income families by offering smaller down payments, no down payments, lowered closing costs and reduced interest rates.
A first time home buyer program should take the hassle out of buying a home, allowing you the freedom to enjoy the process of selecting your very own home.
Kitchen Remodeling As A Home Improvement Project
by: People who are considering doing some home improvement will be intereseted to know that the money you spend in order to complete your project is eligible for tax deduction. It is very important to know exactly what you are doing in your home improvement process, however, as home improvement is different from home repair. In the case of the tax deduction, home imporvement will qualify for the reduced rate, but home repair will not. It is imperative to know the difference between what constitutes repair and improvement.
SImply put, home improvement is an addition that will add to the appearance and the quality of your house. Items that fall under this category include things like kitchen remodeling, adding a fence to your yard, adding a swimming pool, extending a wing on your house and including a new room or two, building a garge, adding a porch or deck, installing new insulation, or upgrading heating and cooling systems. All of these upgrades are considered to be capital expenses.
Home repair, on the other hand, is in a different category. Home repair is a project that is undertaken in order to prevent the decay of your property. It does not add value to the house, instead it prevents the value from going down. This includes things like repairing holes in the walls or broken windows. These repairs correct a problem, and therefore are not considered eligible for tax benefits.
Ther is a way, however, that you can include your home repairs in your home improvement deduction. A clause in the act states that if an area of the house in need of repair is in the same area in which remodeling is taking place, the project undertaker is allowed to claim teh entire project as an improvement. Basically, if you are remodeling the kitchen, remember to fix the leaks in the roof and then claim the repair as part of the improvement.
Timing is definitely a factor when it comes to home improvement. The best time to do some upgrades to your home will be when interst rates are low. The lower rates mean that in the long run, the person using a loan to finance their improvemets will be able to spend less money. Refinancing is one way that many people secure the money to spend on their project. Loans secured in this way can be deducted in the same year as the refinance as points. If the proceeds of the refinancing are not used to improve a house, then points towards the improvement can be deducted over the life of the loan. If a project only uses a part of the loan that was taken out, then the deduction is considered proportional, with the remainder being taken off over the life of the mortgage. It is important to keep in mind that the points which are not taken off by the time the loan expires are usually deductible according to the percent rate in the final year.
Improving your home, in the end, will always add value. It is important in terms of saving some extra money that the home owner is aware of what can be deducted and what cannot.
A New Ceiling For Your Home Improvement Project?
by: The proper preparation is a vital necessity for any home improvement project. Any preparation involves a few aspects. First, the job must be identified and the results you wish for decided. Next, the materials necessary to complete the job satisfactorily need to be purchased. Tools need to be gathered in order to get the job done, and finally the proper treatments need to be applied to the area that is destined for improvement before the new materials are put into place. These methods hold true for any improvement project, whether it be remodeling a bathroom or installing new cabinetry.
This article specifically deals with the preparation involved when a home owner is putting together an improved ceiling. It will take you through the steps and offer suggestions on specific areas.
Before beginning your ceiling project and before hitting the store for paint, make a check list of all the things you will need and see if they are available in your house right now. You will definitely need, at the very least, a ladder, sponges, brushes, paint, thinner, plaster, rags, sandpaper, roll trays, rollers, masking tape, and sealers. Once you have determined what you have on hand and what you will need to purchase, take a trip to the hardware store.
At the store, you will also want to select the paint that you want to use for your ceiling. Some considerations here include the different hues, tints, and shades available, along with the cost of the paint itself. Some factors to keep in mind are what the different types of paint have to offer. Glossy paints are the easiest to keep clean, while sheen paints are much more durable than other types. These types of paint are therefore the best suited to high usage areas that involve a lot of vapor, such as hallways, bedrooms, kitchens, and bathrooms. Flat paints, also called eggshell paints, are harder to clean, and so they should be used in areas that do not see a lot of material floating up to the ceiling, such as living rooms and dens.
Once you have returned home with your materials and your tools, set up your work area. Keep the area around the ladder free of materials in the event that you or something you are holding should fall. Before commencing work, remove any attachments that are on the ceiling, such as lights, fans, and vents. Next, repair any holes or dents in the ceiling before painting. If plaster is required, make sure to give it time to dry. Now, you are ready to paint. Most ceilings will require at least two coats; those with textured ceilings will find that the material soaks the paint right up, and thus several coats may be required. If you have problems with your neck or back, it is probably best to hire someone to do the job, as when you are painting a ceiling you are constantly looking and reaching upwards.
Thursday, June 28, 2007
A Home Improvement Project
By: Clifton Waldrep
Learn the different things you can do to your home which add value. Forget about adding a pool, it won’t hold the investment you have to spend to have one installed. The best laces to look are your bathroom and kitchen, after to upgrade those rooms next would be the bedrooms. Like adding another one or two depending the demand in your area? You can find this out by asking your local realtor.
Fixing up your home can be fun and often times very profitable even when you're only doing a few easy home improvement projects. Home improvement projects can improve the look and value of your home dramatically. Many of us avoid home improvement projects due to their expense. And it can become expensive! Do your homework and you should not experience any surprises!
There are many things to ask yourself when looking to increase the value of your home through home improvement projects. One of the neat tricks you can do when creating some easy home improvement projects is to add some trim around the top of your ceiling. Like crown molding, which really enriches the beauty of any home.
After you have decided on and planned for your first home improvement projects, new window coverings and upgraded flooring should receive attention along with Interior painting and exterior painting. Also, at Home Depot they have a section of books on literally any home improvement projects you can imagine. Leave the landscaping for the end, this would be your final step.
Also, you will want to be practical when deciding on your home improvement! You can very easily waste money, where money is not needed. For example, If your fence is in dire need of repair, don’t think that by painting it you will hide the real problem. You need a new fence, period!
Here are some things to think about before you say go! 1) Does your home improvement project add space, function or added benefits to the area? 2) Does the home improvement project make the area more attractive, not only to you but to others? 3) Does the home improvement project make significant positive changes to the home?
Each of these things is something to take into consideration. Unfortunately, many homeowners don’t properly plan ahead, don’t have the budget to cover the costs and re-mortgage their homes or take out other home improvement loans to help.
Many landscaping projects can be done throughout the year but it can be easier and more enjoyable during the summer. Families that have allergies or respiratory problems should be careful about what chemicals may have been used in the manufacture of finished products. Allowing problems to remain increases the risk of damage to your house.
Some people use home improvement as a creative outlet, and if it makes you happy then go for it! I personally enjoy making repairs around the house knowing the job is getting done right! But, if that isn’t your cup of tea, then once go with a professional, you should get multiple quotes before making your choice of who to use. The fact is that home improvement debts are easily avoided by simple planning.
Once all the work is completed you will be very happy with the end results of all your hard work.
Home improvement loans – Secured cash for home renovation
By: Bernard Ethen
Summary: Home improvement loans, a sub-type of personal loans, are availed by people who want to give a new look to their home – new room, kitchen upgrades, bathroom fittings, new furniture, wooden floors, garden landscaping, etc.
Home improvement loans provide monetary assistance for planned home improvements. Like most loan products, these loans too can be availed in secured and unsecured form. However, a secured home improvement loan is the right choice for someone who has a big monetary requirement, has a bad credit record or has been denied an unsecured loan.
Secured home improvement loans can only be availed by homeowners or property owners and are recommended for big renovation plans, as they necessitate placing an asset as collateral. The purpose of collateral is to secure the loaned amount. Hence, secured loans are very safe for the lenders.
Presence of collateral is beneficial because in the event of repeated defaults or non-repayment (unintentional, incidental, or deliberate), the lender can seize the pledged collateral to recover his money. Secured loan deals may sound risky, but one can easily take care of the risks by paying his EMI’s (Equal Monthly Instalments = Principle + Interest) regularly.
Secured home improvement loans are beneficial for the borrowers too, as they get maximum benefits like quick attention, high credit limit, competitive low APR, flexible payback terms and negotiable clauses.
Generally, a secured deal for home improvement purposes has an amount range of £5,000 to £100,000; an APR range of 7.9% to 19.9 % Variable (typical rate is 13.55 % APR Variable) and a compensation term range of 5 to 25 years. But, a person with a perfect credit record may get a better deal.
Besides facing the threat of collateral seizure, secured home improvement loan seekers have to have to cope with the slow approval process as well. The loan application can only be approved after property evaluation (along with other credibility factors), which is very time-consuming.
However, for small home improvement works, pledging collateral may not be very practical. Hence, loan seekers should explore and compare unsecured home improvement loan options too. Gather as much information as possible from as many creditors as are available in the market or over the Internet.
Things to Watch Out For When Securing Home Improvement Grants Loan Program
By: Anthony Pang
Home improvement grants loan is a particular type of loan whose funds are used to make additions, improvements, or repairs to your home or the property upon which the home was built. Obtaining home improvement grants loan in order to make an addition to your home will result in a higher property value and will allow for a higher selling price in the event that your home is ever put on the real estate market. Home improvement grants loan can be either secured or unsecured, but is generally secured by the equity you have in your home. In other words, the home itself is used as collateral to get the home improvement grants loan program.
Where to Get The Home Improvement Grants Loan Program
You can get home improvement grants loan program through various sources including banks, credit unions and many other financial lending institutions. In order to get the best interest rate for the home improvement loan program possible, it is wise to first inquire at a bank that you have already established a close relationship with. If what they have to offer is not appealing, there are many reputable financial lending companies who can provide a home improvement grants loan via the Internet.
The Government Can Help In Your Home Improvement Grants Loan Program
There are also government agencies, located in each state, that are willing to provide home improvement grants loan. Although these agencies have very strict rules and regulations, they are definitely worth considering. These government agencies are known for allowing the home improvement loan program funds to be used for such things as fire safety equipment, microwaves and ovens, stair railings, and even for the purchase and installation of an interior whirlpool bathtub.
What to Use the Home Improvement Program Funds For
While funds from a home improvement loan program are often used to conduct certain repair type work such as putting on a new roof or updating old plumbing, many people use the funds for such ventures as remodeling a kitchen or bathroom, landscaping a yard or garden, completing a loft extension, turning a carport into a garage or even adding an entire second floor to a single story home.
Let the Home Improvement Grants Loan Work for You
Before signing on the dotted line, make sure you have received the best possible home loan rates and terms available on your home improvement grants loan. If you take out a $10,000 home loan, and the additions and repairs you make to the home raise the homes value by $15,000, then your home improvement grants loan has been a worthwhile investment.
Backyard Activities for the Home Improvement Lover
by : Ivan Cuxeva Jr
When we think of backyard activities, sports often come to mind. While sports are a great way to spend your time outdoors, they are not all that backyard activities include. In fact, while you may not necessarily think so, backyard activities also involve the completion of projects. If you are a home improvement lover, it is quite possible that your next backyard activity could involve the building or the remodeling of a structure.
In the United States, backyards are filled with millions of different things. Many homeowners have pools, barns, work sheds, or garages. If you already have these items inside your yard, you may want to think about remodeling them. Remodeling projects are ideal for those who wish to update or expand their backyard structures. Summer is the perfect time to complete many remodeling projects, especially those that are outside.
While many homeowners make the decision to remodel, there are others that choose to build. If you don’t have a barn, garage, or work shed, but you would like to have one, now would be the perfect time to start construction. In most areas of the United States, summer has the prefect weather conditions for many backyard projects.
The first step in building or remodeling a backyard structure is to develop a plan. If you already know what you would like to build and how you would like to build it, you are well on your way to a completed project. However, if you are unsure what you would like to build or how to build it, you may want to think about doing a little bit of research before you start your next home improvement project.
Perhaps, the easiest way to get ideas or directions on how to build a garage, work shed, or barn is to visit your local library or book store. In these locations, you should be able to find a number of books that will not only offer you suggestions, but give you directions on how to get started. Libraries are nice; however, you will only be able to keep the materials for a short period of time. If you are interested in saving your resource guides for another project, you may want to consider purchasing your own books.
Once you have decided on a structural design, you will need to obtain the necessary building supplies. The supplies that you need will all depend on what you are building or remodeling. Despite the fact that different projects will require different supplies, there are some supplies that are common among all backyard building or remodeling projects. These supplies may include wood, metal, saws, and many other common household tools.
As previously mentioned, summer is ideal for most construction projects. Even though the weather will most likely be cooperative, it may still be a good idea to check your local weather forecast. If you are doing a project that requires perfect weather, such as roofing or painting, you will want to plan your project around the projected weather forecast. With projects that require more than one days worth of work, you may want to wait until the weather forecast predicts steady weather. This will prevent you from having to stop your building or remodeling and then startup again later.
Although building and remodeling projects are great backyard activities, not everyone is able to do them. If you are inexperienced in construction, you may find it difficult or impossible to do the work yourself. If this is the case, professional assistance may be just what you need. Completing your own home improvement projects will save you money, but only if you know what you are doing. Poor building or remodeling jobs may not only need additional, costly repairs, but they may also be unsafe.
With something as large and important as most home improvement projects, you are advised against taking any unnecessary chances or risks. Whether you make the decision to perform your own home improvement project or sit back and watch a professional do it, you will still be outside, enjoying everything that your backyard and the beautiful weather has to offer.
Wednesday, June 27, 2007
Home Improvement Ideas Gone Awry
by:
For every great home improvement idea there are several bad ones, lurking in the corners next to vinyl siding and Dutch doors. But, of course, bad home improvement is not an objective term: one man’s bad home improvement idea is another man’s great home improvement idea. Still, there are some ideas that most people will agree should never see the light of day, and definitely never be let inside the house.
Too Much of Anything: Floral patterns, pirate themes, farm scenery. Too much of anything – regardless of what it entails – is just flat out too much. If your house is decorated in floral pattern from attic to basement, it’s time to uproot some of your ornamentation. If your house is saturated with pirate themes, it’s fair to say you’ve gone overboard. If your house is adorned with nothing but farm scenery, you might consider plowing a new path. Instead of decorating your entire house in one theme, try limiting your theme to one room, and letting the rest of the house have a little variety.
Painting with Outrageous Colors: Maybe you’re young and in love with self expression, maybe you’re older and looking for something to set you apart. Whatever you are, painting with outrageous colors is a way to paint yourself remorseful. It may seem like a great idea to paint the inside of your house neon orange and the outside a not-at-all-subtle hot pink, but in the long run you will likely regret this. You may be forced by a covenant controlled community to repaint, or forced to repaint by your realtor when you attempt to sell. You may even be forced to repaint by your inner being, an inner being tired of feeling constantly trapped inside a Grateful Dead song.
Going for a Futuristic Look: Maybe you have a crazy looking chair sitting in your living room or perhaps you’ve trimmed the evergreen in your front yard to resemble something from 2060, whatever you’ve done to make your home look futuristic, stop right now and live in the present. For whichever reason, as there seems to be a lot of reasons to choose from, the “futuristic look” was one that never really took off. Maybe this is partly because it looks kind of silly or partly due to the fact that it’s hard to decorate for 2060 while living in 2007, but the main reason has to be that our conception of the “future” seems to be entirely off base. If we were to go mainly by our conceptions, by 2000 we would have all bought flying cars and taken family vacations to the moon.
Putting in a Pool (when you won’t use it): Putting in a pool isn’t always a bad idea: if you will actually use one then there is no reason not to have one. However, for many people the concept of a pool is more appealing than the pool itself. Pools are a lot of work: they require maintenance and they kill the lawn. For this reason, having a pool and not using it is futile. If you will only use a pool on occasion, don’t install one: just get a pass to the local recreation center. And, if you live in an area not conducive to year round swimming, such as Wisconsin or Colorado, replace your swimming pool dreams with something else, such as a hot tub.
High Maintenance Landscaping: There is landscaping, and then there is high maintenance landscaping. High maintenance landscaping – a lawn filled with trimmed trees, shrubs, and an assortment of flowers - may look particularly nice, and cause your neighbors to grow green with envy of your green thumb, but this kind of landscaping takes quite a bit of time, time you might not always have. Instead of going overboard and making your lawn parallel some botanic garden, keep your lawn nice with simple means. Landscape with flowers and shrubs that don’t require a lot of attention and stay away from landscaping with the kinds of flowers and shrubs who think they are all that and a bag of wood chips.
